No Reason for Edible Oil Price Hike, Ample Stock Available: Commerce Minister.
Dhaka-Commerce Minister Khandaker Abdul Muktadir on Monday assured consumers that there is no possibility of a price hike for edible oil, citing sufficient domestic stocks. The minister made these remarks following a review meeting with edible oil traders at the Secretariat to assess the overall supply situation.
The Official Stance Speaking to reporters after the meeting, the Commerce Minister stated that the market currently holds a stock of 170,000 tonnes of edible oil, with an additional 360,000 tonnes in the pipeline. Furthermore, the process of opening Letters of Credit (LCs) for new imports is ongoing.
“There is no shortage of edible oil, gas, or fuel. Please do not create confusion by using the word ‘crisis’ in relation to these products,” the minister urged the media. He emphasized that the price of edible oil “will not increase by even a single drop.”
Panic Buying vs. Market Reality Despite the government’s reassurances, a different picture has emerged in the capital’s retail markets. In areas like Mohammadpur Krishi Market, most shops reported a total exhaustion of soybean oil stocks. Some retailers with limited supplies were reportedly selling oil at prices higher than the government-fixed rate.
The Minister attributed this temporary supply pressure to panic buying. “Some consumers, driven by fear, are purchasing more than they need. This has led to temporary stock-outs in certain small shops,” he explained. He also noted that during a personal market visit, he found adequate supply in large roadside stores, though some shops deep inside the markets were attempting to overcharge by Tk 2–3 per litre.
Call for Vigilance The meeting was attended by Commerce Secretary Mahbubur Rahman, National Board of Revenue (NBR) Chairman Abdur Rahman Khan, and Meghna Group Chairman Mostafa Kamal, among others.
Minister Muktadir warned that unnecessary competition among consumers to overstock only benefits dishonest traders. He promised to strengthen market monitoring and surveillance to prevent hoarding and price manipulation, urging the public to remain calm.
